HOLBROOK – The Massachusetts School Building Authority has agreed to pay slightly less than 60 percent of the cost of a $103 million school that would serve Holbbrook children in kindergarten through grade 12.

The state would pay up to $55.7 million, leaving the town to pay $48.2 million.

The new school would replace the junior-senior high school and the South and Kennedy elementary schools.

A Proposition 2½ override for the project would need to be approved at a special town meeting and in a referendum in the November election.

The new school would be built next to the existing junior-senior high school. It could accommodate 1,095 students and would have separate wings for kindergarten through grade 5 and for grades 6 through 12.

Town officials and parents have been pushing for years to replace the 57-year-old junior-senior high school.